Subdivision c
	Returns and payment of tax
Returns and payment	220.09 (1) Where tax under this Division becomes payable by a person,
	(a) where the person is a registrant, the person shall, on or before the day on or before which the person's return under section 238 for the reporting period in which the tax became payable is required to be filed, pay the tax to the Receiver General and report the tax in that return; and
	(b) in any other case, the person shall, on or before the last day of the month following the calendar month in which the tax became payable, pay the tax to the Receiver General and file with the Minister in prescribed manner a return in respect of the tax in prescribed form containing prescribed information.
Exception	(2) Notwithstanding subsection (1), where tax under section 220.05, 220.06 or 220.07 is payable by a person in respect of a specified motor vehicle that the person is required to register under the laws of a participating province relating to the registration of motor vehicles,
	(a) where the person is a registrant, the person is not required to report the tax in a return, and
	(b) where the person is not a registrant, the person is not required to file a return in respect of the tax,
	and the tax shall be paid in prescribed manner to the Receiver General at the earlier of the time the person registers the vehicle and the time at or before which the person is required to register it.
Deduction for prescribed amount	(3) Where tax under this Division becomes payable by a person and all or any portion of that tax is an amount that is prescribed for the purpose of subsection 234(3), that amount shall be deducted from the tax payable in determining the amount required under subsection (1) to be paid.
No return required	(4) Where the amount that a person is required to pay to the Receiver General under subsection (1) is nil, the person is not required to file a return under this Division.
	(2) Subsection (1) comes into force on April 1, 1997.
1990, c. 45, s. 12(1)	205. (1) Subsection 223(1) of the Act is replaced by the following:
Disclosure of tax	223. (1) Every registrant who makes a taxable supply to a recipient shall
	(a) where an invoice or receipt is issued to, or an agreement in writing is entered into with, the recipient in respect of the supply, indicate in the invoice, receipt or agreement either
	(i) the total tax payable in respect of the supply in a manner that clearly indicates the amount of that total, or
	(ii) the total of the rates at which tax is payable in respect of the supply and, where the invoice, receipt or agreement relates to supplies in respect of which tax is payable and supplies in respect of which no tax is payable, the supplies to which tax at those rates applies; and
	(b) in any other case, indicate in prescribed manner that the amount paid or payable by the recipient includes the tax payable in respect of the supply.
	(2) Subsection (1) comes into force on April 7, 1997.
1993, c. 27, s. 88(1)	206. (1) Paragraph 225(5)(b) of the Act is replaced by the following:
	(b) an improvement to the complex acquired, imported or brought into a participating province by the registrant after the complex was last acquired by the registrant,
	(2) Subsection (1) comes into force on April 1, 1997.
	207. (1) Subparagraph (a)(ii) of the description of B in subsection 225.1(2) of the Act, as enacted by subsection 45(1), is replaced by the following:
	(ii) personal property acquired, imported or brought into a participating province by the charity for use as capital property of the charity, and
	(2) Paragraph (b) of the description of B in subsection 225.1(2) of the Act, as enacted by subsection 45(1), is replaced by the following:
	(b) 60% of the total of all amounts in respect of specified supplies that may be deducted by the charity under subsection 232(3) or 234(2) or (3) in determining the net tax for the particular reporting period and are claimed in the return under this Division filed for that reporting period,
	(3) Subsections (1) and (2) come into force on April 1, 1997.
	208. (1) The Act is amended by adding the following after section 225.1, as enacted by subsection 45(1):
Selected listed financial institutions	225.2 (1) For the purposes of this Part, a financial institution is a selected listed financial institution throughout a reporting period in a fiscal year that ends in a particular taxation year of the financial institution if the financial institution is a listed financial institution described in any of subparagraphs 149(1)(a)(i) to (x) during the particular year and the preceding taxation year and
	(a) the financial institution is a corporation that, under the rules prescribed in any of sections 402 to 405 of the Income Tax Regulations, has or would, if it had taxable income for the particular year and the preceding taxation year, have taxable income earned in the particular year and the preceding taxation year in any of the participating provinces and taxable income earned in the particular year and the preceding taxation year in any of the non-participating provinces;
	(b) the financial institution is an individual, the estate of a deceased individual or a trust that, under the rules prescribed in section 2603 of the Income Tax Regulations, has or would, if it had income for the particular year and the preceding taxation year, have income earned in the particular year and the preceding taxation year in any of the participating provinces and income earned in the particular year and the preceding taxation year in any of the non-participating provinces;
	(c) the financial institution is a specified partnership during the particular year and the preceding taxation year; or
	(d) the financial institution is a prescribed financial institution.
Adjustment to net tax	(2) In determining the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution of a prescribed class, the financial institution shall add all positive amounts, and may deduct all negative amounts, each of which is determined, for a participating province, by the formula
	[(A - B) x C x (D/E)] - F + G
	where
	A is the total of
	(a) all tax (other than a prescribed amount of tax) that became payable under any of subsection 165(1) and sections 212 and 218 by the financial institution during the particular reporting period or that was paid by the financial institution during the particular reporting period without having become payable,
	(b) all amounts each of which is tax (other than an amount of tax prescribed for the purposes of paragraph (a)) under subsection 165(1) in respect of a supply (other than a supply to which paragraph (c) applies) made by a person other than a selected listed financial institution to the financial institution that would, but for an election made under section 150, have become payable by the financial institution during the particular reporting period, and
	(c) all amounts each of which is an amount, in respect of a supply made during the particular reporting period of property or a service to which the financial institution and another person have elected to have this paragraph apply, equal to tax calculated on the cost to the other person of supplying the property or service to the financial institution excluding any remuneration to employees of the other person, the cost of financial services and tax under this Part;
	B is the total of
	(a) all input tax credits (other than input tax credits in respect of an amount of tax that is prescribed for the purposes of paragraph (a) of the description of A) of the financial institution for the particular reporting period or preceding reporting periods of the financial institution claimed by the financial institution in the return under this Division filed by the financial institution for the particular reporting period, and
	(b) all amounts each of which would be an input tax credit (other than an input tax credit in respect of an amount of tax that is prescribed for the purposes of paragraph (a) of the description of A) of the financial institution for the particular reporting period of the financial institution in respect of property or a service if tax became payable during the particular reporting period in respect of the supply of the property or service equal to the amount included for the particular reporting period under paragraph (b) or (c) of the description of A in respect of the supply;
	C is the financial institution's percentage for the participating province for the taxation year, determined in accordance with the prescribed rules that apply to financial institutions of that class;
	D is the tax rate for the participating province;
	E is 7%;
	F is the total of
	(a) all tax (other than a prescribed amount of tax) under subsection 165(2) in respect of supplies made in the participating province to the financial institution or under section 212.1 in respect of goods imported by the financial institution for use in the participating province that became payable by the financial institution during the particular reporting period or that was paid by the financial institution during the particular reporting period without having become payable, and
	(b) all amounts each of which is an amount, in respect of a supply made during the particular reporting period of property or a service to which the financial institution and another person have elected to have paragraph (c) of the description of A apply, equal to tax payable by the other person under any of subsection 165(2), 212.1, 218.1 or Division IV.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and
	G is the total of all amounts each of which is a positive or negative prescribed amount.
Exclusions from adjustment	(3) In determining an amount that a selected listed financial institution is required to add or may deduct under subsection (2) in determining its net tax,
	(a) tax that the financial institution is deemed to have paid under any of subsections 171(1), 171.1(2), 206(2) and (3) and 208(2) and (3) shall be excluded from the totals for A and F in the formula in subsection (2); and
	(b) input tax credits in respect of tax referred to in paragraph (a) and input tax credits that the financial institution is permitted to claim under subsection 193(1) or (2) shall be excluded from the total for B in that formula.
Election	(4) Where a person other than a selected listed financial institution and a selected listed financial institution have made jointly an election under section 150, the person and the financial institution may make jointly an election under this subsection to have paragraph (c) of the description of A in subsection (2) apply to every supply to which subsection 150(1) applies that is made by the person to the financial institution at a time the election made under this subsection is in effect.
Form and manner of filing	(5) An election under subsection (4) relating to supplies made by a person other than a selected financial institution to a selected listed financial institution shall
	(a) be made in prescribed form containing prescribed information;
	(b) specify the day the election is to become effective; and
	(c) be filed by the financial institution with the Minister in prescribed manner on or before the day on or before which a return under Division V for the reporting period of the financial institution in which the election is to become effective is required to be filed.
Effect of the election	(6) An election made jointly under subsection (4) by a person and a selected listed financial institution shall be effective for the period beginning on the day specified in the election and ending on the earliest of
	(a) the day the election made jointly by the person and the financial institution under section 150 ceases to be effective,
	(b) a day that the person and the financial institution specify in a notice of revocation in prescribed form containing prescribed information filed jointly by the person and the financial institution with the Minister in prescribed manner, which day is at least three hundred and sixty-five days after the day specified in the election made under subsection (4),
	(c) the day the person becomes a selected listed financial institution, and
	(d) the day the financial institution ceases to be a selected listed financial institution.
Information requirements	(7) For the purposes of this section, subsections 169(4) and (5) and 223(2) apply with respect to any amount that is included in the description of F in subsection (2) as if that amount were an input tax credit.
Meaning of ``specified partnership''	(8) For the purposes of this section, a partnership is a ``specified partnership'' during a taxation year of the partnership if, at any time in the taxation year, the partnership has
	(a) a member that, in the taxation year of the member in which the taxation year of the partnership ends,
	(i) where the member is a corporation, has or would, if it had taxable income for the year, have, under the rules prescribed in any of sections 402 to 405 of the Income Tax Regulations, taxable income earned in the year in any of the participating provinces from a business (within the meaning assigned by subsection 248(1) of the Income Tax Act) carried on through the partnership,
	(ii) where the member is an individual, the estate of a deceased individual or a trust, has or would, if it had income for the year, have, under the rules prescribed in section 2603 of the Income Tax Regulations, income earned in the year in any of the participating provinces from a business (within the meaning assigned by subsection 248(1) of the Income Tax Act) carried on through the partnership, and
	(iii) where the member is another partnership, would have, under the rules prescribed in section 402 of the Income Tax Regulations, taxable income earned in the year in any of the participating provinces from a business (within the meaning assigned by subsection 248(1) of the Income Tax Act) carried on through the partnership if the other partnership were a corporation that is a taxpayer under that Act; and
	(b) a member (including a member referred to in paragraph (a)) that, in the taxation year of the member in which the taxation year of the partnership ends,
	(i) where the member is a corporation has or would, if it had taxable income for the year, have, under the rules prescribed in any of sections 402 to 405 of the Income Tax Regulations, taxable income earned in any of the non-participating provinces from a business (within the meaning assigned by subsection 248(1) of the Income Tax Act) carried on through the partnership,
	(ii) where the member is an individual, the estate of a deceased individual or a trust, has or would, if it had income for the year, have, under the rules prescribed in section 2603 of the Income Tax Regulations, income earned in the year in any of the non-participating provinces from a business (within the meaning assigned by subsection 248(1) of the Income Tax Act) carried on through the partnership, and
	(iii) where the member is another partnership, would have, under the rules prescribed in section 402 of the Income Tax Regulations, taxable income earned in the year in any of the non-participating provinces from a business (within the meaning assigned by subsection 248(1) of the Income Tax Act) carried on through the partnership if the other partnership were a corporation that is a taxpayer under that Act.
	(2) Subsection (1) comes into force on April 1, 1997 except that, for the purpose of determining the net tax of a selected listed financial institution for the reporting period of the financial institution that begins before that day and that ends on or after that day, subsection 225.2(2) of the Act, as enacted by subsection (1), shall be read as follows:
	(2) In determining the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution of a prescribed class, the financial institution shall add all positive amounts, and may deduct all negative amounts, each of which is determined, for a participating province, by the formula
	[(A - B) x (H/I) x C x (D/E)] - F + G
	where
	A is the total of
	(a) all tax (other than a prescribed amount of tax) that became payable under any of subsection 165(1) and sections 212 and 218 by the financial institution during the particular reporting period or that was paid by the financial institution during the particular reporting period without having become payable,
	(b) all amounts each of which is tax (other than an amount of tax prescribed for the purposes of paragraph (a)) under subsection 165(1) in respect of a supply (other than a supply to which paragraph (c) applies) made by a person other than a selected listed financial institution to the financial institution that would, but for an election made under section 150, have become payable by the financial institution during the particular reporting period, and
	(c) all amounts each of which is an amount, in respect of a supply made during the particular reporting period of property or a service to which the financial institution and another person have elected to have this paragraph apply, equal to tax calculated on the cost to the other person of supplying the property or service to the financial institution excluding any remuneration to employees of the other person, the cost of financial services and tax under this Part;
	B is the total of